Exhibit 12.1

DYNEX CAPITAL, INC.

Ratio of Earnings to Fixed Charges and

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

	Year Ended December 31,
($ in thousands, except ratios)	2017				2016				2015				2014				2013
Fixed charges:
Interest expense	$	36,178			$	25,231			$	22,605			$	25,915			$	39,028
Preferred dividend requirements	10,794				9,185				9,176				9,176				7,902
Total	$	46,972			$	34,416			$	31,781			$	35,091			$	46,930
Earnings:
Income from continuing operations	$	33,893			$	43,099			$	16,544			$	27,806			$	68,069
Add:
Distributed income of equity method investee	—				1,316				—				—				721
Fixed charges, excluding preferred dividend requirements	36,178				25,231				22,605				25,915				39,028
Less: Equity in income of equity investee	—				(481		)		(835		)		—				(721		)
Total	$	70,071			$	69,165			$	38,314			$	53,721			$	107,097
Ratio of earnings to fixed charges	1.94x				2.74x				1.69x				2.07x				2.74x
Ratio of earnings to fixed charges and preferred stock dividends	1.49x				2.01x				1.21x				1.53x				2.28x